Mutual Fund Distribution on ONDC: A Complete Guide for Distributors and Fintechs (2026)

Distributing mutual funds through ONDC started as an experiment in 2024. It is now a working route, with dozens of AMCs connected and distributors and fintechs launching their own buyer apps.

To be clear, ONDC doesn't create, manage, or sell mutual funds. It is the open network through which AMCs' schemes reach investors via distributor and fintech apps.

This guide explains how mutual funds on ONDC work, which AMCs are live, what you can do on the network today, how to get on it, and what to plan for.

What Does Mutual Fund Distribution on ONDC Mean?

ONDC (Open Network for Digital Commerce) is a government-backed initiative that creates an open, interoperable network. In mutual funds, it lets investors reach multiple AMCs and distributors through one platform, without being locked into a single app or intermediary (HSBC Mutual Fund FAQ).

The first live mutual fund transaction on the network took place on 1 October 2024 (Inc42).

How Mutual Funds Are Distributed on ONDC

The network runs on the Beckn protocol and splits the work into roles:

AMCs are Seller Apps. They accept mutual fund transactions through standardised ONDC specifications.

Distributors and fintechs are Buyer Apps. They own the investor experience: the app, onboarding, and the client relationship.

Cybrilla is the Point of Acceptance (POA). It is a SEBI-registered RTA that handles order processing, KYC, and compliance, acting as the bridge that lets AMCs plug into the network (HSBC Mutual Fund FAQ). Cybrilla received its RTA licence from SEBI in March 2024 (Cybrilla).

An investor places a request in any ONDC-enabled buyer app, and the order is routed to the AMC's seller-side infrastructure for execution. One buyer app integration can reach many AMCs.

Which AMCs Are Live on ONDC?

According to Fintech Primitives' documentation, these AMCs are live on the Cybrilla POA gateway: Nippon India, HDFC, 360 ONE, ICICI Prudential, Aditya Birla, Axis, Quant, UTI, Kotak, DSP, Motilal Oswal, Edelweiss, Quantum, JM Financial, PGIM India, Invesco, Zerodha, Bandhan, Capitalmind, The Wealth Company, Abakkus, WhiteOak Capital, Trust, Mirae Asset, HSBC, Canara Robeco, Navi, Tata, Helios, and Baroda BNP Paribas.

SBI, Franklin, PPFAS, LIC MF, Mahindra Manulife, and Angel One are listed as about to go live (Fintech Primitives docs).

Availability can change, and which plans an AMC offers varies. For example, HSBC states that it currently offers regular plans only on the platform (HSBC Mutual Fund FAQ). Confirm the current list with your provider before you launch.

What You Can Do on ONDC Today

Per Fintech Primitives' capability documentation for the Cybrilla POA gateway:

Transactions: single and batch lumpsum purchases, redemptions, switches, SIPs, SWPs, and STPs

SIP frequencies: monthly, business-day daily, and calendar-day daily

Payments: UPI, netbanking, UPI Autopay, and eNACH, with mandate-based options for single lumpsums and SIPs

Investors: resident individuals and NRIs

Partners: mutual fund distributors with an ARN, with RIA support available in beta

(Fintech Primitives docs)

Why Distributors and Fintechs Are Joining

Wider reach. Multiple AMCs and distributors on one network.

Less platform dependence. Interoperability means no lock-in to a single aggregator.

Standardised processes. Common protocols for onboarding and transactions.

Room to innovate on advisory. You own the client experience.

(HSBC Mutual Fund FAQ)

For fintechs, one integration to many AMCs also removes the need to negotiate and connect with each fund house separately.

How to Get on ONDC Mutual Funds: Step by Step

Have your registrations in place. You need an ARN, which requires NISM Series V-A certification and the KYD process (AMFI).

Choose your buyer app route. Build your own buyer app, or use a provider that supplies the app layer.

Complete onboarding with the POA. HSBC's FAQ says MFDs must complete onboarding with Cybrilla and integrate their portal with the platform. If the MFD is empanelled with that AMC, its schemes are then enabled for their use (HSBC Mutual Fund FAQ).

Make sure you are empanelled with the AMCs you want. An ARN alone doesn't let you transact with a fund house.

Test. This includes pre-production testing, compliance validation, call-sequence testing, and buyer app network registration (MF Stack).

Go live and iterate based on real usage.

What Happens When an Investor Places an Order

Each order follows a controlled sequence. Per the integration documentation, a new order is reviewed in the background, the investor's consent is collected, payment is created, the order is confirmed and submitted, and the investor completes payment. It then moves through RTA processing to a final status of successful or failed (Fintech Primitives docs).

What to Plan For

ONDC is a new route with its own rules. Plan for these:

Payments appear in Cybrilla's name. Because payments and mandates are issued in Cybrilla's name, investors will see "Cybrilla" in UPI authorisations and bank statements. Tell them upfront (Fintech Primitives docs).

Existing folios. Redemptions through this gateway are supported only for folios created through it, so plan for how existing investors will be handled (Fintech Primitives docs).

Some capabilities are limited or in beta, including certain investor types and instant redemption, which is available for one AMC only (Fintech Primitives docs).

Non-financial transactions are not yet enabled, according to HSBC's FAQ.

None of these are reasons to wait, but they are reasons to launch with a provider who knows the details.

Why Building an ONDC Buyer App Is Hard

A buyer app needs a branded investor experience, onboarding and KYC flows, ONDC-compliant API calls, testing, and network registration. Most distributors don't have the engineering team for that, and many fintechs would rather spend their engineers on their core product.

How MF Stack Helps You Launch on ONDC

MF Stack provides the full UI and app layer for distributors, wealth firms, and fintechs launching ONDC-compliant buyer apps. Fintech Primitives, an authorised Cybrilla POA partner, handles the ONDC-compliant API integration (MF Stack).

Together they cover the layers:

Layer	Who provides it
Investor and distributor apps, onboarding, white-label branding, assisted transactions	MF Stack
MF transaction APIs and compliance-aligned flows	Fintech Primitives
AMC-side connectivity (POA)	Cybrilla
Open network	ONDC

(MF Stack)

What that means in practice:

A branded buyer app on web and mobile, with onboarding and KYC, SIP and bulk SIP, switch and STP, redemption and SWP, and holding reports

Distributor tools including an Investor DIT app for assisted, distributor-initiated transactions

Support through ONDC onboarding, including testing, validation, and go-live readiness

Flexibility. The same journeys work inside ONDC or outside it, so you aren't tied to one route

MF Stack is software for distributors and fintechs and does not allow direct investment, so the distributor remains the service provider to the investor.

Who Should Consider ONDC

Distributors who want an additional route to AMCs and a branded app of their own

Fintechs and apps adding mutual funds through one integration instead of AMC-by-AMC connections

Wealth firms and enterprises that want interoperable distribution under their own brand

FAQs

What is ONDC in mutual funds? An open network where AMCs act as seller apps and distributors or fintechs act as buyer apps, so investors can reach multiple AMCs through one platform.

Which AMCs are on ONDC? Around 30 AMCs are listed as live on the Cybrilla POA gateway, including HDFC, ICICI Prudential, Nippon India, Axis, Kotak, and UTI, with more listed as about to go live. See the list above.

What is a buyer app? The investor-facing app owned by a distributor or fintech, where investors browse and transact.

What is Cybrilla POA? Cybrilla is a SEBI-registered RTA acting as the Point of Acceptance, handling order processing, KYC, and compliance for AMCs on the network.

Can any distributor join? Distributors need an ARN and AMC empanelment. Mutual fund distributors with an ARN are supported on the gateway.

Which transactions are supported? Lumpsum, SIP, redemption, switch, SWP, and STP.

Are direct plans available? It depends on the platform and AMC. Some AMCs, such as HSBC, state they currently offer regular plans only.

Do I need to build my own buyer app? No. A provider such as MF Stack can supply the app layer.

The Bottom Line

Mutual fund distribution on ONDC has moved from a pilot to a live route with a large and growing AMC list. The infrastructure work is the slow part, and it doesn't have to be yours.

Want to launch an ONDC-ready mutual fund app under your own brand? Book a demo with MF Stack.